EY appointed joint administrators at CeonaNews // September 17, 2015
Ceona Amazon is one of the assets being disposed of by the administrators.
Companies in the Ceona group have been placed in administration, as expected after the group defaulted on a charter deal with GC Rieber Shipping. Stuart Gardner and Alan Hudson of EY have been appointed joint administrators of Ceona Holding Limited and Ceona Crewing Limited. Alan Bloom, Alan Hudson and Colin Dempster of EY have been appointed joint administrators of Ceona Investments Limited and certain UK group companies. The group, whose head office is in Hammersmith, also holds two other premises in Aberdeen and Houston.
On appointment of the administrators the business ceased trading leading to a significant reduction in the scale of the business, resulting in 102 redundancies. 18 employees have been retained by the group in Hammersmith, Houston and Aberdeen to assist the administrators whilst they seek to realise value in the assets of the group. In particular, the administrators now intend to take steps to market for sale the assets of the group, including the vessel Ceona Amazon.
Mr Bloom said: “In the period leading up to the administration, the group’s cashflow came under significant strain due to falling demand for services as a result of the depressed market conditions and ongoing investment in the group’s fleet. Despite attempts to restructure the Group it was unable to achieve a turnaround on a solvent basis and the group was therefore placed into administration by the directors.”
Ceona Pte Limited, OIG Giant I Pte Ltd and OIG Giant II Pte Ltd are not in an insolvency process and will continue to operate.